Mitsubishi UFJ Asset Management Co. Ltd. Makes New $54.24 Million Investment in Principal Financial Group, Inc. $PFG

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Principal Financial Group, Inc. (NASDAQ:PFG) during the 2nd quarter, HoldingsChannel.com reports. The fund purchased 503,256 shares of the company’s stock, valued at approximately $54,241,000.

A number of other large investors have also recently added to or reduced their stakes in the stock. OneDigital Investment Advisors LLC bought a new position in shares of Principal Financial Group during the second quarter worth about $1,445,000. Plato Investment Management Ltd bought a new position in Principal Financial Group in the second quarter worth about $1,044,000. Bell Investment Advisors Inc acquired a new position in Principal Financial Group in the second quarter valued at approximately $38,000. AMG National Trust Bank bought a new position in shares of Principal Financial Group during the second quarter valued at approximately $8,021,000. Finally, Simplicity Wealth LLC acquired a new stake in shares of Principal Financial Group during the 2nd quarter worth approximately $251,000. 75.08% of the stock is currently owned by institutional investors.

Principal Financial Group Stock Down 1.3%

Principal Financial Group stock opened at $111.64 on Thursday. Principal Financial Group, Inc. has a 52 week low of $77.34 and a 52 week high of $116.61. The stock has a market cap of $23.90 billion, a price-to-earnings ratio of 15.86, a PEG ratio of 1.03 and a beta of 0.88. The company’s 50-day moving average price is $111.66 and its two-hundred day moving average price is $101.30. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.36.

Principal Financial Group (NASDAQ:PFG) last issued its quarterly earnings results on Monday, July 27th. The company reported $2.50 earnings per share for the quarter, topping analysts’ consensus estimates of $2.33 by $0.17. The company had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.11 billion. Principal Financial Group had a net margin of 9.93% and a return on equity of 16.49%. During the same period in the prior year, the business posted $2.16 EPS. On average, analysts expect that Principal Financial Group, Inc. will post 9.57 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 3rd will be issued a dividend of $0.84 per share. The ex-dividend date of this dividend is Thursday, September 3rd. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.82. This represents a $3.36 annualized dividend and a yield of 3.0%. Principal Financial Group’s dividend payout ratio is presently 46.59%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PFG. Evercore set a $108.00 price objective on Principal Financial Group in a research note on Monday, April 27th. JPMorgan Chase & Co. boosted their price objective on Principal Financial Group from $106.00 to $107.00 and gave the stock a “neutral” rating in a research report on Monday, August 3rd. Keefe, Bruyette & Woods increased their price objective on Principal Financial Group from $102.00 to $112.00 and gave the stock a “market perform” rating in a report on Monday, July 13th. Jefferies Financial Group raised their target price on Principal Financial Group from $91.00 to $98.00 and gave the company a “hold” rating in a research report on Friday, July 10th. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $121.00 target price on shares of Principal Financial Group in a research note on Monday. Three analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Principal Financial Group presently has an average rating of “Hold” and an average target price of $106.67.

Principal Financial Group Profile

Principal Financial Group (NASDAQ: PFG) is a global financial services company headquartered in Des Moines, Iowa, that provides a range of retirement, investment and insurance solutions to individuals, employers and institutional clients. The firm’s business is organized around retirement services, asset management, and insurance products designed to help clients plan, invest for, and protect income over the long term.

Principal’s product and service offerings include retirement plan recordkeeping and administration for employer-sponsored plans, individual and group retirement annuities, life and disability insurance, employee benefits solutions, and wealth management services.